Italy youth unemployment rises to record 40.4%

LiamMoloney

ROME--Italy's unemployment rate rose further in September, indicating businesses are still reluctant to hire as the recession continues in Europe's third-largest economy.

The rate increased to 12.5% from an upwardly revised 12.4% in August and 10.9% a year earlier, national statistics institute Istat said Thursday. It said the number of jobless rose on the month by 29,000 to 3.194 million.

The youth unemployment rate, referring to people between 15 and 24 years old who are looking for jobs, rose to a new record of 40.4% in September, double the pre-crisis rate. In August it breached the 40% threshold for the first time.

That figure represents 10.9% of the age group, many of whose members are in school or not seeking a job.

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